Transfer of Coverage of No-Moat Bendigo and Adelaide Bank; AUD 11.50 FVE Unchanged
We reiterate our AUD 11.50 per share fair value estimate for Bendigo and Adelaide Bank as we transition coverage to a new analyst. Our no-moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is fairly valued. We confirm our fiscal 2018 cash profit forecast of AUD 452 million and fully franked dividend of AUD 70 cents per share based on a 75% payout. In our opinion, the outlook for Bendigo is mildly positive, but lacking competitive adva...Bendigo & Adelaide Bank provides a range of banking and other financial services including consumer, residential, business and commercial lending, deposit-taking, payments services, wealth management, funds management and superannuation, treasury and foreign exchange services. Co. provides these services primarily to retail customers and small to medium sized businesses throughout Australia. The key lending activities are commercial finance, business lending and consumer finance which includes residential loans, personal loans, credit cards and overdrafts. As of June 30 2016, Co. had total assets of A$68.58 billion and total deposits of A$57.05 billion.
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